Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › INHERITANCE TAX – CIVIL PARTNER
- This topic has 9 replies, 3 voices, and was last updated 7 years ago by hemraj123.
- AuthorPosts
- May 6, 2016 at 9:45 am #313903
Hi, Just want to check for inheritance tax regarding exempt transfer for spouse / civil partner – is it necessary for us to know exactly what constitutes as a civil partner ie living together for so many years or will we also just be told in the exam “civil partner” Thank you.
May 9, 2016 at 7:10 pm #314320You will be informed about either a spouse or civil partner.
May 9, 2016 at 7:33 pm #314321Thank you tax tutor! I have another two questions, not related to the above query though! For the 27,000 figure which is in relation to adjusted net income does this only relate to the age of individuals, I am not sure about this. Also do we have to memorise the figures related to small gifts, the 3000 annual allowance for inheritance tax and related to property income the 4250 (if I recall correctly) rent a room relief as I looked at past exam papers and did not see any mention of these at the front. Thanks!
May 9, 2016 at 8:50 pm #314340The income limit of 27,000 is only relevant in computing the restriction to the personal age allowances and yes I’m afraid that you do have to learn those other figures!
May 10, 2016 at 7:18 pm #314481Thank you so much tax tutor, wish me luck! ; )
May 12, 2016 at 5:37 pm #314803Sir, this is a general question. Are CLT and donations made under gift aid scheme the same?
Thanks
May 15, 2016 at 5:47 pm #315203No – CLT’s are transfers into trust and gifts to charity are exempt transfers for IHT
May 16, 2016 at 1:30 pm #315326Sir, what is endowment mortgage and how does it affect death tax?
May 22, 2016 at 4:10 pm #316424An endowment mortgage has within it a life policy which would automatically pay off the mortgage on the death of the taxpayer. Thus in an exam question we do not deduct an endowment mortgage from the value of the property when including it in the computation of the chargeable estate at death
May 23, 2016 at 5:28 pm #316647Thanks a lot sir 🙂
- AuthorPosts
- You must be logged in to reply to this topic.